Fredericksburg VA Main Street Announces Zero Interest Program
Fredericksburg VA Main Street received a Virginia Main Street Downtown Investment Grant in the amount of $25,000 and $25,000 match from the Fredericksburg Economic Development Authority for the exclusive purpose of funding a revolving loan fund to offer financial incentives and capital to entrepreneurs and/or property owners for building restoration, preservation and rehabilitation and community revitalization in the Fredericksburg VA Main Street District.
The Zero Interest Revolving Loan Program is one tool that encourages private investment which initiates pride within the community that will trigger growth of the local economy and produce a vibrant historic Downtown. Jennifer McGovern, an attorney with Parrish, Snead, Franklin, Simpson PLC, chairs the Loan Team along with 6 other team members. Jennifer notes “It’s filling a gap for our entrepreneurs and property owners that might not meet all the vigorous regulations for loans.” Ann Glave, executive director with Fredericksburg Main Street, indicated that several Main Street communities have similar programs which were reviewed in designing this program. The Loan team is a mixture of financial professionals and Downtown business peers.
Applicants may borrow funds up to $5,000 at 0% interest for a given eligible project. Loan amounts above $2,500 will be repaid on a 36-month term, and loan amounts of $2,500 and below will be repaid on a 24-month term, in either monthly or quarterly installments. Individual applicants will be assessed on a case-by-case basis, depending on the total amount borrowed, to create sufficient monthly/quarterly payback plans, along with financial and application review. Applications are rolling as long as there is funding available. The Loan Team meets to review applications on the first Thursday of every month.
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